Forensic accounting is an umbrella term that includes different aspects of accounting and different accounting tasks to be called forensic accounting in conjugation. For example, forensic investigation is a part of the forensic accounting process. Similarly, creating export report or creating a witness statement can also be included in forensic accounting. The one person that is an expert at all these activities is a forensic accountant. It is the forensic accountant that has the know-how of all the elements of forensic accounting, including forensic investigation, forensic auditing, etc.
It is interesting to note that forensic auditing includes applying traditional auditing procedures with the purpose of gathering evidence as a part of forensic investigation. On the other hand, forensic investigation gathering evidence for the purpose of creating an expert’s report or witness statement. It also includes elements of forensic auditing but includes other investigative techniques, such as conducting interviews of witnesses and suspects, recovering relevant documents, etc. One of the most important applications of forensic accounting is fraud investigation. Other uses of forensic accounting include cases related to negligence and insurance claims.
Forensic accounting services in Sydney can help you help with all types of forensic accounting and audit requirements. You must approach then in case you are looking for experienced audit professionals in the field of audit substantive tests, revenue testing procedures, asset verification procedures, impairment testing, stock reviews, debtors circularization, balance sheet items audit procedures, P&L items audit procedures, etc.